ACCOMODATION BONDS

Trinity Manor is permitted to charge an accommodation bond as an extra service home by the Commonwealth Department of Health & Ageing. The amount of bond relates to the different standards of the room selected eg. Room with access to the garden, room with view to the street landscapes, room with view to courtyard, room with provision for small kitchenette, etc.

There are advantages in paying an accommodation bond like significant taxation and pension benefits. An accommodation bond will also help reduce the weekly fee for most elders. It may be helpful to receive investment advice before making a decision. Please let us know if you like a list of financial advisors specialising in Aged Care.

New Prudential arrangements have been put in place by Commonwealth Department of Health & Ageing to improve the management of accommodation bonds by approved providers and to increase the level of information available to elders. These arrangements also impose new requirements on providers to pay interest to elders, or their representatives, on outstanding bond balances. In addition, the new arrangements are complemented by a scheme to guarantee the payment of elders’ bond balances if a provider becomes bankrupt or insolvent.

 

Trinity Manor will hold the bond in a secure form according to the Commonwealth Government’s prudential arrangements. Retention amounts will be deducted from an accommodation bond balance for each month, or part of a month, for a maximum of five years. The remaining portion of the accommodation bond, less retention amount is refundable to you upon you leaving Trinity Manor, or to your estate, upon your death.

 

Following are the time frame to refund the accommodation balance.

· if an elder gives more than 14 days notice, will refund the bond balance on the day the elder leaves;

· if an elder gives notice within 14 days prior to departure, we will refund the bond balance within 14 days after the elder gives notice; and

· if an elder gives no notice before departing, we will refund the bond balance within 14 days after the elder leaves.

if an elder dies, we will repay the bond balance within 14 days after being shown the grant of probate or letters of administration.

 

Trinity Manor will retain $280/month from the bond. The monthly retention amount does not vary while the elder lives at Trinity manor, except that once the 5 year limit is reached no further retention amounts are deducted from the bond.

You can pay the accommodation bond as a lump sum or as Periodic Payment. Periodic payments will help you not to sell the family home or other Assets. Third option is pay part of the bond and reduced periodic payment. Periodic payment consists of retention amount and interest component. Interest rate changes periodically. Current interest can be provided on request.

You can pay the bonds within six months of admission. However, an interest charge will apply from the date of admission.